Report: Remote Sensing Market at $9.9 Billion by 2012
Global market expenditures for remote sensing products are projected to increase to more than $9.9 billion by 2012. That, according to a new report issued yesterday by BCC Research. The Massachusetts-based research firm estimates that more than $7 billion was spent on remote sensing products last year. The firm estimates future increases in spending on remote sensing will run 6.3% annually.
Weather forecasting holds the highest share of the market, accounting for approximately 38% of the total. The biggest potential for growth in the remote sensing market will be public health applications, which the firm estimates could grow to $675 million in 2012. Other major markets include right-of-way inspection, intelligence gathering, and climate change studies.
In the past, the popularity of of geographic information systems (GIS) and global positioning systems (GPS) technology caused some to predict that the demand for remote sensing information would bring about a boom. Optimistic predictions placed the market at more than $30 billion in sales by 2005. While the industry never came close to meeting such lofty expectations, BCC Research does forecast steady growth for the future.
Information for this post courtesy of BCC Research. The full report (#IAS022A) can be purchased from their website.
Labels: Remote Sensing